Market Size in 2021 | Market Forecast in 2028 | Growth Rate (in %) | Base Year |
---|---|---|---|
USD 77.90 billion | USD 92.47 billion | CAGR at 2.90% | 2021 |
FrequentlyAsked Questions
The need for high-quality end products, which may be produced by high precision machine tools, as well as rising manufacturing output across a variety of sectors, including automotive, fabrication, robotics, etc., are projected to propel the expansion of the worldwide machine tools market.
According to the report, the global machine tool market was worth 77.90 (USD billion) in 2021 and is predicted to grow to 92.47 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 2.90 percent.
In the Asia-Pacific region, there is a significant amount of growth. The main engine of this sector in East Asia. It can be linked to the swift expansion of manufacturing industries, including transportation, construction, shipbuilding, and others.
Some of the main competitors dominating the machine tool market include - AMADA Co., Ltd., CHIRON Group SE, DMG MORI, Doosan Corporation, Georg Fischer Ltd., HYUNDAI WIA CORP., JTEKT Corporation, Komatsu Ltd., Makino, Okuma Corporation.
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